By Evelyn Udobia
The Nigerian Association of Small Scale Industrialists (NASSI) has commenced registration of members in Akwa Ibom State to facilitate access to the Federal Government’s ₦75 billion Micro, Small, and Medium Enterprises (MSME) intervention fund.
NASSI President, Dr. Solomon Vongfa, disclosed this on Friday, August 9, during a Micro, Small, and Medium Enterprises Roundtable discussion held at the Ibom E-Library, Uyo. He emphasized that proper registration with the association and compliance with financial requirements were mandatory for beneficiaries.
“Our team has fully commenced the registration of members in Akwa Ibom State because you must be duly registered with NASSI and also own an account with Ibom FADAMA to access the funds. Applicants must present bank statements, a guarantor, and comply with all stipulated terms and conditions,” Vongfa stated.
NASSI Director, Engr. Ifeanyi Oputa, urged entrepreneurs in the state to seize the opportunity, stressing that the intervention fund was designed to cushion business challenges and stimulate economic growth. “The opportunity is now here. We must put all hands on deck to make it work because government has provided support, but we must collectively strive to maximize it,” he said.
A representative of the Bank of Industry (BOI), Mr. Tsah Abdul, clarified that applicants must not be indebted to any commercial bank and must present a guarantor before accessing the loan. “The ₦75 billion Federal Government MSME intervention funds are available, but you must meet the requirements. Successful applicants will enjoy a three-month moratorium before repayment begins, with ₦150,000 due monthly over three years,” Abdul explained.
Similarly, Mrs. Comfort Ituh, Managing Director of Ibom FADAMA, reminded participants that the intervention was a loan and not a grant. “As a bank, we are responsible for ensuring recovery of the funds and timely repayment to government coffers,” she stressed.
In his remarks, the Director-General of NASSI, Dr. Solomon Vongfa, commended Governor Umo Eno for his bold strides in human capital development and his administration’s huge investments in MSME growth, describing Akwa Ibom as a model state in enterprise development. “Governor Umo Eno’s vision through the Arise Agenda has made Akwa Ibom a shining example of how government can deliberately empower small businesses. His continuous investment in skills training, entrepreneurship support, and financial access has positioned the state as a hub for MSME-driven growth in Nigeria,” Vongfa said.
In her remark, the SA to the Governor on Entrepreneurial Development, Mrs. Meflyn Anwana, expressed appreciation to NASSI’s leadership for making Akwa Ibom the pilot state for the scheme. “The Federal Government’s initiative aligns with Governor Umo Eno’s Arise Agenda in empowering small-scale businesses as a vital sector of our economy. Through Ibom LED, Governor Umo Eno has consistently trained and supported over 2,000 entrepreneurs and counting. He has empowered entrepreneurs in the rural areas across a broad spectrum of entrepreneurial and vocational engagements. This intervention will further strengthen the efforts of the government in this sector while stimulating whole sectors and subgroups and ultimately optimizing value chain operations and sectoral development while tapping latent entrepreneurial capacities of MSMEs in the state,” she affirmed.
Entrepreneurship in Nigeria remains a cornerstone of national economic resilience, with MSMEs contributing over 48 percent of GDP and employing more than 84 percent of the country’s workforce. Despite challenges such as limited access to finance, infrastructure deficits, and multiple taxation, MSMEs continue to drive innovation and provide livelihoods across urban and rural communities. The ₦75 billion intervention fund comes at a time when many small businesses are grappling with inflationary pressures, high energy costs, and access-to-market barriers. Stakeholders believe that structured funding, such as the one now available through NASSI in Akwa Ibom, is critical to scaling businesses and unlocking Nigeria’s full entrepreneurial potential.
Analysts forecast that Nigeria’s MSME sector will witness sustained growth over the next five years, driven by agribusiness expansion in cassava, palm oil, fisheries, and agro-processing; technology and digital services such as fintech, e-commerce, and ICT; light manufacturing and processing including soap making, food processing, textiles, and packaging; and creative and vocational industries such as fashion, hospitality, film, and entertainment, which continue to provide high-growth opportunities for youth. For Akwa Ibom specifically, Governor Umo Eno’s Arise Agenda has placed entrepreneurship at the heart of development, prioritizing training, access to finance, and market linkages. With deliberate partnerships through platforms like NASSI, Ibom LED, and Ibom FADAMA, the state is forecasted to emerge as a leader in MSME development, setting a model for other states.
The commencement of NASSI’s membership registration in Akwa Ibom signals a major step in democratizing access to the Federal Government’s ₦75 billion MSME intervention fund. By tying national support to state-level capacity building, the initiative not only strengthens small businesses but also underlines Akwa Ibom’s role as a pilot state in Nigeria’s entrepreneurial transformation. As Nigeria faces economic headwinds, the future of growth lies in the productivity of its entrepreneurs. With Governor Umo Eno’s continued investments and the Federal Government’s renewed support, Akwa Ibom entrepreneurs are positioned not only to benefit from immediate funding but to lead in shaping the next wave of sectoral and inclusive growth across the nation.
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